Grup Servicii Petroliere announces new drilling contract for two firm wells offshore Romania

May 31, 2012

Grup Servicii Petroliere enters into a contract with Midia Rersources SRL, a subsidiary of Sterling Resources Ltd., providing offshore drilling services for two exploration wells, Ioana and Eugenia.

GSP Jupiter, the mobile offshore drilling rig will provide the offshore services, upon completion of the present operations carried out offshore Turkey for TPAO. GSP Jupiter will commence operating under the newly signed drilling contract with Midia Resources in mid September 2012.

The offshore drilling operations will be carried out in two offshore blocks in The Black Sea: “Ioana” exploratory well within block XV Midia, and “Eugenia” exploratory well within block XIII Pelican.

The cantilever type offshore drilling rig will operate at 93 meters water depth for the drilling of “Ioana” exploratory well, respectively 55 meters water depth for “Eugenia”. The two wells anticipated depths are 1,600 meters for “Ioana” and 2,300 for “Eugenia”.